NAB Bear Gets Even More Conservative on Outlook -- Market Talk

Dow Jones

Apr 21

National Australia Bank's bear at Morgans introduces increased conservatism into their valuation model after the lender increased its loan provisioning. Analyst Nathan Lead materially downgrades his EPS forecast for the current fiscal year by 18%, pointing to the credit provisions, changes to software capitalization, and an equity raising dividend reinvestment plan that has come about a year earlier than expected. Lead also downgrades his forecast for NAB's average interest-earning asset base and moderates expectations for other operating income. He tells clients in a note that his sell rating is unchanged. Target price falls 7.3% to A$34.56. Shares are at A$41.02 ahead of the open. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

April 20, 2026 19:30 ET (23:30 GMT)

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Analyst Nathan Lead materially downgrades his EPS forecast for the current fiscal year by 18%, pointing to the credit provisions, changes to software capitalization, and an equity raising dividend reinvestment plan that has come about a year earlier than expected. Lead also downgrades his forecast for NAB's average interest-earning asset base and moderates expectations for other operating income. He tells clients in a note that his sell rating is unchanged. Target price falls 7.3% to A$34.56. Shares are at A$41.02 ahead of the open. (stuart.condie@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  April 20, 2026 19:30 ET (23:30 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>NAB Bear Gets Even More Conservative on Outlook -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNAB Bear Gets Even More Conservative on Outlook -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2026-04-21 07:30</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  <a href=\"https://laohu8.com/S/NAB.AU\">National Australia Bank</a>'s bear at Morgans introduces increased conservatism into their valuation model after the lender increased its loan provisioning. Analyst Nathan Lead materially downgrades his EPS forecast for the current fiscal year by 18%, pointing to the credit provisions, changes to software capitalization, and an equity raising dividend reinvestment plan that has come about a year earlier than expected. Lead also downgrades his forecast for NAB's average interest-earning asset base and moderates expectations for other operating income. He tells clients in a note that his sell rating is unchanged. Target price falls 7.3% to A$34.56. Shares are at A$41.02 ahead of the open. (stuart.condie@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  April 20, 2026 19:30 ET (23:30 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK7135","symbol_name":"综合性银行","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2629614772","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2629614772","pubTimestamp":1776727800,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"National Australia Bank's bear at Morgans introduces increased conservatism into their valuation model after the lender increased its loan provisioning. Analyst Nathan Lead materially downgrades his EPS forecast for the current fiscal year by 18%, pointing to the credit provisions, changes to software capitalization, and an equity raising dividend reinvestment plan that has come about a year earlier than expected. Lead also downgrades his forecast for NAB's average interest-earning asset base and moderates expectations for other operating income. He tells clients in a note that his sell rating is unchanged. Target price falls 7.3% to A$34.56. Shares are at A$41.02 ahead of the open. ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK7135":"综合性银行","BK4207":"综合性银行","NAB.AU":"NATIONAL AUSTRALIA BANK LTD","NABZY":"National Australia Bank Ltd. 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(stuart.condie@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  April 20, 2026 19:30 ET (23:30 GMT)\n\n\n  Copyright (c) 2026 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":true,"need_login_tip":false,"code":"91000000","status":"200"}}}